Asian stocks tracked U.S. gains, with the regional benchmark paring its second week of losses, as material shares led the advance.
The MSCI Asia Pacific Index rose 0.8 percent to 121.66 as of 9:01 a.m. in Tokyo after dropping 1.7 percent on Thursday. The gauge is heading for a 1.9 percent decline this week. The Standard & Poor’s 500 Index climbed Thursday, led by oil and other commodity shares, as crude rebounded above $31 a barrel and metals gained. Comments by Federal Reserve Bank of St. Louis chief James Bullard that the rout in energy prices may dent inflation expectations helped fuel the rally as technical signals suggested the selloff may have gone too far.
“While we’re seeing a little bit of a rebound, I’d be hesitant to say that we’re out of the woods,” Mark Lister, head of private wealth research at Craigs Investment Partners in Wellington, which manages about $7.2 billion, said by phone. “There’s just a lot of uncertainty and risks. While oil could be close to a bottom, the news out of China continues to get worse and we’ve still got geopolitical risks. There are selective investment opportunities but there are just as many risks out there.”
Traders have been whipsawed in 2016, with equities around the world off to their worst start to a year on record as oil plummeted to levels last seen more than a decade ago and China struggled to maintain control over its markets. The MSCI Asia Pacific gauge has fallen 7.7 percent this year, while the Shanghai Composite Index is down 15 percent.
Japan’s Topix index jumped 1.8 percent after slumping 2.5 percent on Thursday. South Korea’s Kospi index added 0.9 percent. Australia’s S&P/ASX 200 Index rose 1.3 percent, as BHP Billiton Ltd. jumped 4.4 percent. New Zealand’s S&P/NZX 50 Index increased 0.9 percent.
Markets in China and Hong Kong have yet to start trading. Futures on the Hang Seng China Enterprises Index climbed 0.3 percent in most recent trading, while contracts on FTSE China A50 Index and the benchmark Hang Seng Index each slipped 0.1 percent.
The Shanghai Composite Index climbed 2 percent on Thursday, reversing a loss of as much as 2.8 percent and sending a gauge of volatility to the highest levels since September. Stocks rebounded as 28 companies listed on ChiNext small-caps index vowed to take action to stabilize the market and the China Securities Regulatory Commission assured investors that the forthcoming registration system for initial public offerings won’t lead to an oversupply of new shares.
E-mini futures on the S&P 500 index advanced 0.2 percent. The U.S. equity benchmark index climbed 1.7 percent on Thursday, while the Dow Jones Industrial Average rallied more than 220 points. The recovery accelerated earlier while Bullard answered questions from reporters following a speech in which the policy maker, who was a vocal proponent of raising interest rates, sounded a more cautious tone.
Material and industrial shares led gains on the Asia’s benchmark gauge on Friday, while energy stocks also climbed. Crude oil futures rose 2.4 percent in both New York and London on Thursday. Contracts on copper climbed the most this year, while iron ore also advanced.
Delta State Gov Okowa Presents N378.48 Billion Budget for 2021
Ifeanyi Okowa Presents N378.48 Billion Proposed Budget for 2021
The Executive Governor of Delta State, Senator (Dr) Ifeanyi Okowa, on Tuesday presented a N378.48 billion budget to the state’s House of Assembly for consideration for the 2021 fiscal year.
The budget christened “Budget of Recovery” appropriated N207.52 billion for Capital Expenditure while Recurrent Expenditure was allocated N171.32 billion.
According to the Governor, capital expenditure accounted for 54.76 percent of the budget while 45.24 percent represented recurrent expenditure.
He explained that the allocations were in line with his administration’s agenda of spending more on projects and programmes that would impact positively on the socio-economic well-being of the people of Delta.
The proposed budget for 2021 is N96.2 billion or 34.05 per cent more than the N282 billion approved for 2020.
The governor said that the 2021 budget proposals reinforced the state government’s commitment to road infrastructure, education, health, job and wealth creation programmes as the principal-drivers of the Stronger Delta agenda.
According to him, N113 billion, representing 89.94 per cent of the capital budget is allocated to the economic sector while N35 billion is allocated to the social sector; the administration sector got 10.93 billion and the regional sector, N42 billion.
“In 2021, we propose to spend N66.66 billion on Road Infrastructure; N6.79 billion on Health; Education will gulp N23.55 billion; Agriculture, N2.04 billion and Water Sector, N1.83 billion.
“Job and Wealth Creation Bureau will gulp N1 Billion and Youth Development, N1.25 billion. These key sectors are very essential in our 2021 budget,” Okowa said.
Okowa also explained that due to the negative impact of COVID-19 on the economy and the world at large, government spending was significantly affected by the global pandemic and that Delta was no exception.
The governor, therefore, stated that “the proposed 2021 Budget for Delta is primarily focused on protecting and supporting our people in a COVID-19 environment, accelerating infrastructural renewal, incentivizing growth, enhancing job creation, engendering social inclusion and developing sustainably.
“Overall, the proposed 2021 Budget is predicated on inclusive economic growth that is sustainable and people-centred, with strengthening fiscal sustainability through increased efficiency in spending, improved revenue mobilization and debt sustainability.
“It also entails improving processes and systems in Public Financial Management, and Monitoring and Evaluation, to bolster better public sector service delivery.”
FG to Create 5 Million Jobs for Nigerian Youths in the Power Sector
Federal Government Plans to Create 5 Million Jobs for Youths in the Power Sector
The Federal Government is working on creating at least 5 million jobs for Nigerian youths in the power sector, according to the Minister of Power, Engr. Sale Mamman.
The minister, who spoke at a stakeholder meeting in Jalingo, Taraba State, said the youths should foster peace and harmony as the Federal Government, in line with some of their demands, is working on creating massive job opportunities for them in the power sector.
He said the initiative is part of president Muhammadu Buhari’s plans to lift 100 million people out of poverty within 10 years.
Mamman explained that the youths will benefit from the Siemens Presidential Power Initiative as more opportunities will be available in renewable energy, installation and the maintenance of meters.
He said: “Plans are ongoing to kick start this and it is being designed to ensure that majority of the firms and the installers are Nigerian youths. This is also part of the commitment of President Muhammadu Buhari’s focus on lifting 100 million people out of poverty within 10 years.
“From the briefings I have received so far, the youths are taking up opportunities in this aspect as well as in renewable energy. This is another way the government will be empowering young Nigerians as the local assembly; installation and the maintenance of these meters are largely handled by our industrious youths.”
“The minister urged the youths to vigilant and resist and attempt by some people to use them to incite violence for their sinister motive, noting that the Federal Government was tailoring more programmes for the youths through the Siemens Presidential Power Initiative and in building capacity on renewable energy.”
“There is the assurance of Mr. President that Nigerians will be beneficiaries of the Siemens project which will turn around the power supply situation of Nigeria. When this happens, industries will be revived and SMEs driven by youths will thrive more.”
Lagos Loses N1 Trillion to #EndSARS Protest, a Year Budget – Gov
Lagos Needs N1 Trillion to Fix Vandalised Infrastructure, a Year Budget – Gov
The Governor of Lagos State, Babajide Sanwo-Olu, has puts the total economic cost of past week destruction and vandalism in the state at about N1 trillion.
Sanwo-olu, who spoke with the speaker of the House of Representatives, Hon. Femi Gbajabiamila, that was on a fact-finding visit to Lagos on Sunday, said the state may spend up to N1 trillion to fix damages done to infrastructure.
Speaking on the situation, Femi Gbajabiamila, said “The House of Representatives will do all it can to compensate all those who suffered brutality including policemen that lost their lives in the process.
“Also whatever the house can do in rebuilding Lagos and other states it will do. We are now in a state of reconstruction. What must be done will be done.
“I learnt from the governor of Lagos State that it will take N1.0 trillion to rebuild what had been lost and I asked him what is the budget size of the state he said about N1.0 trillion. You can see we are moving backward.
Rotimi Akeredolu, Chairman of the South West Governors, who was part of the visit, stated, “We are indeed surprised at the extent of damage to lives and properties in Lagos. We will be right to say Lagos was turned into a war zone.
“We are deeply concerned with the ease with which public buildings, utilities, police stations and investments of our people have been burnt despite the proximity of security agencies to those areas. However, while responding to the total number of government’s buildings burnt among others,” Lagos State Commissioner for Information and Strategy, Mr Gbenga Omotoso, stated.
“We are still counting. The state is still taking inventories of all that happened and not until all that is concluded we can’t not ascertained for now the total number of burnt structures. But I can tell you it’s very huge.”
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